# AXOS CLEARING LLC X-17A-5 (2026-08-07) — Broker-dealer annual report

- Company: AXOS CLEARING LLC
- Form: X-17A-5
- Filed: 2026-08-07
- Period: 2026-06-30
- Accession: 0001146205-26-000003
- CIK: 1146205
- File #: 8-53595
- Type: Broker-dealer
- Material weakness: No
- Auditor: BDO USA, P.C.
- Auditor location: SAN DIEGO, CA
- Contact: Howard Green
- Phone: 4023842055
- Email: howard.green@axosclearing.com
- Website: axosclearing.com
- Signed by: Howard Green (CFO)

Original filing: https://www.sec.gov/Archives/edgar/data/1146205/000114620526000003/public2026.pdf

---

{0}------------------------------------------------

# Axos Clearing LLC

Statement of Financial Condition as of June 30, 2026 and Report of Independent Registered Public Accounting Firm

{1}------------------------------------------------

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

OMB APPROVAL OMB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12

# ANNUAL REPORTS FORM X-17A-5 PART III

|  | SEC FILE NUMBER |  |
|--|-----------------|--|

| FACING PAGE                                                                                                                                                                                                                |                                                            |                                            |                               |  |  |  |  |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|--------------------------------------------|-------------------------------|--|--|--|--|
| Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934                                                                                                                  |                                                            |                                            |                               |  |  |  |  |
| ______________________________________________________________________________________________________________________________________________________________________________<br>filing for the period beginning 07/01/25 |                                                            |                                            |                               |  |  |  |  |
|                                                                                                                                                                                                                            | MM/DD/YY                                                   |                                            | MM/DD/YY                      |  |  |  |  |
|                                                                                                                                                                                                                            | A. REGISTRANT IDENTIFICATION                               |                                            |                               |  |  |  |  |
| NAME OF FIRM: AXOS Clearing LLC                                                                                                                                                                                            |                                                            |                                            |                               |  |  |  |  |
| TYPE OF REGISTRANT (check all applicable boxes):<br>Broker-dealer<br>[ Major security-based swap participant<br>□ Check here if respondent is also an OTC derivatives dealer                                               |                                                            |                                            |                               |  |  |  |  |
| ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.)                                                                                                                                                        |                                                            |                                            |                               |  |  |  |  |
| 15950 West Dodge Road, Ste. 300                                                                                                                                                                                            |                                                            |                                            |                               |  |  |  |  |
|                                                                                                                                                                                                                            | (No. and Street)                                           |                                            |                               |  |  |  |  |
| Omaha                                                                                                                                                                                                                      | NE                                                         |                                            | 68118                         |  |  |  |  |
| (State)<br>(City)<br>(Zip Code)                                                                                                                                                                                            |                                                            |                                            |                               |  |  |  |  |
|                                                                                                                                                                                                                            |                                                            |                                            |                               |  |  |  |  |
| PERSON TO CONTACT WITH REGARD TO THIS FILING                                                                                                                                                                               |                                                            |                                            |                               |  |  |  |  |
| Howard Green                                                                                                                                                                                                               | 402-384-2055                                               |                                            | howard.green@axosclearing.com |  |  |  |  |
| (Name)                                                                                                                                                                                                                     | (Area Code - Telephone Number)                             | (Email Address)                            |                               |  |  |  |  |
|                                                                                                                                                                                                                            | B. ACCOUNTANT IDENTIFICATION                               |                                            |                               |  |  |  |  |
| INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*                                                                                                                                                  |                                                            |                                            |                               |  |  |  |  |
| BDO USA, P.C.                                                                                                                                                                                                              |                                                            |                                            |                               |  |  |  |  |
|                                                                                                                                                                                                                            | (Name - if individual, state last, first, and middle name) |                                            |                               |  |  |  |  |
| 3570 Carmel Mountain Road, Suite 400        San Diego                                                                                                                                                                      |                                                            | CA                                         | 92130                         |  |  |  |  |
| (Address)                                                                                                                                                                                                                  | (City)                                                     | (State)                                    | (Zip Code)                    |  |  |  |  |
| 10/08/2003                                                                                                                                                                                                                 |                                                            | 243                                        |                               |  |  |  |  |
| (Date of Registration with PCAOB)(if applicable)                                                                                                                                                                           |                                                            | (PCAOB Registration Number, if applicable) |                               |  |  |  |  |
|                                                                                                                                                                                                                            | FOR OFFICIAL USE ONLY                                      |                                            |                               |  |  |  |  |
|                                                                                                                                                                                                                            |                                                            |                                            |                               |  |  |  |  |

\* Claims for exemption from the requirement that the annual reports of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(1)(ii), if applicable.

Persons who are to respond to the collection of Information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

{2}------------------------------------------------

### OATH OR AFFIRMATION

| 1 Howard Green |                                                              |  | , swear (or affirm) that, to the best of my knowledge and belief, the |  |  |  |       |
|----------------|--------------------------------------------------------------|--|-----------------------------------------------------------------------|--|--|--|-------|
|                | financial report pertaining to the firm of Axos Clearing LLC |  |                                                                       |  |  |  | as of |

. portaining (0 the ni of 0. 6/30 partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely as that of a customer.

Signature: Title:

### This filing \*\* contains (check all applicable boxes):

- (a) Statement of financial condition.
- (b) Notes to consolidated statement of financial condition.
- [ {c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X).
- O (d) Statement of cash flows.
- [ {e) Statement of changes in stockholders' or partners' or sole proprietor's equity.
- □ {f) Statement of changes in liabilities subordinated to claims of creditors.
- □ {g} Notes to consolidated financial statements.
- [ {h} Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable.
- [ (i) Computation of tangible net worth under 17 CFR 240.18a-2.
- □ {}} Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3.
- [ (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable.
- [ (I) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3.
- [ (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3,
- [ (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable.
- D (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist.
- O {p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition.
- [q] Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable.
- □ {r} Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- [ {s} Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- (t) Independent public accountant's report based on an examination of the statement of financial condition.
- [] (u) Independent public accountant's report based on an examination of the financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable.
- O (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- [ (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- | (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-1e or 17 CFR 240.17a-12, as applicable.
- □ (y) Report describing any material inadequacies found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k).
- □ (z) Other:
- \*\* To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.18a-7(d)(2), as applicable.

Chief Financial Officer

{3}------------------------------------------------

![](_page_3_Picture_0.jpeg)

Tel: 858-404-9200 Fax: 858-404-9201 **www.bdo.com**

3570 Carmel Mountain Road, Suite 400 San Diego, CA 92130

## **Report of Independent Registered Public Accounting Firm**

Board of Managers Axos Securities, LLC. Omaha, Nebraska

### *Opinion on Financial Statement*

We have audited the accompanying statement of financial condition of Axos Clearing, LLC (the "Broker-Dealer") as of June 30, 2026, and the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Broker-Dealer at June 30, 2026, in conformity with accounting principles generally accepted in the United States of America.

### *Basis for Opinion*

This financial statement is the responsibility of the Broker-Dealer's management. Our responsibility is to express an opinion on the Broker-Dealer's financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

We have served as the Broker-Dealer's auditor since 2019.

San Diego, California August 7, 2026

BDO USA, P.C., a Virginia professional corporation, is the U.S. member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms.

{4}------------------------------------------------

# **%&& &! ! &!**

#### **%!'**

*-* 

| %%&%                                                                         |      |  |
|------------------------------------------------------------------------------|------|--|
| 2D92?542D96BF:G2=6?ED                                                        | <br> |  |
| 2D9D68C682E65:?4@>A=:2?46H:E97656C2=2?5@E96CC68F=2E:@?D                      |      |  |
| 6A@D:EDH:E94=62C:?8@C82?:K2E:@?D                                             |      |  |
| *64FC:E:6D@H?652E72:CG2=F6                                                   |      |  |
| )646:G23=67C@>3C@<6CD	562=6CD	2?54=62C:?8@C82?:K2E:@?D	?6E@72==@H2?46D@7<br> |      |  |
| )646:G23=67C@>4FDE@>6CD	?6E                                                  |      |  |
| )646:G23=67C@>C68:DE6C65:?G6DE>6?E25G:D@CD)!	?6E@72==@H2?46D                 |      |  |
| *64FC:E:6D3@CC@H65                                                           |      |  |
| 'C@A6CEJ2?56BF:A>6?E	?6E                                                     |      |  |
| @@5H:==2?5:?E2?8:3=62DD6ED	?6E                                               |      |  |
| 676CC65E2I2DD6E	?6E                                                          |      |  |
| &E96C2DD6ED                                                                  |      |  |
| +@E2=2DD6ED                                                                  | <br> |  |
| &% \$J%#'&+                                                                  |      |  |
| '2J23=6E@4FDE@>6CD                                                           |      |  |
| *64FC:E:6D=@2?65                                                             |      |  |
| '2J23=6E@3C@<6CD	562=6CD	2?54=62C:?8@C82?:K2E:@?D                            |      |  |
| 44@F?EDA2J23=62?5244CF65=:23:=:E:6D                                          |      |  |
| +@E2==:23:=:E:6D                                                             |      |  |
| @>>:E>6?E2?5@?E:?86?4:6D%@E6                                                 |      |  |
| \$6>36CPD6BF:EJ                                                              |      |  |
| +@E2==:23:=:E:6D2?5>6>36CPD6BF:EJ                                            | <br> |  |

\*66?@E6DE@\*E2E6>6?E@7:?2?4:2=@?5:E:@?

{5}------------------------------------------------

#### **!&%&! %&& & %!'**

### **!\$ ,&! &'\$!!"\$&! %**

**!?5/;7G/A7<;**MI@D=62C:?8##E96N@>A2?JO:D2H9@==J @H?65DF3D:5:2CJ@7I@D\*64FC:E:6D ## 2H9@==J@H?65 DF3D:5:2CJ4@>A2?J@7I@D%6G252 @=5:?8 ## 2H9@==J@H?65DF3D:5:2CJ4@>A2?J@7I@D:?2?4:2= !?4E96N'2C6?EO 2?5:D 9625BF2CE6C65:? &>292 %63C2D<2 +96@>A2?J:D 2 6=2H2C6 #:>:E65 #:23:=:EJ@>A2?J 7@C>65 @? "2?F2CJ 

 **/AB?3<4!=3?/A7<;@**M+96@>A2?J:D2D64FC:E:6D3C@<6C 562=6C2?5AC@G:56D4=62C:?8D6CG:46DE@@E96C3C@<6C 562=6CD@?2 7F==J 5:D4=@D65 32D:D 2?5 4FDE@5:2= 2?5EC25:?8 D6CG:46D 7@C C68:DE6C65:?G6DE>6?E 25G:D@CDE9C@F89@FEE96,?:E65 \*E2E6D+96 @>A2?J:DC6BF:C65E@4@>A=JH:E92==2AA=:423=6CF=6D2?5C68F=2E:@?D@7E96\*64FC:E:6D2?5I492?86@>>:DD:@?N\*O E96:?2?4:2=!?5FDECJ)68F=2E@CJFE9@C:EJ !?4N!%)O E96\*64FC:E:6D!?G6DE@C'C@E64E:@?@CA@C2E:@?N\*!'O2?5E96 G2C:@FDD64FC:E:6D6I492?86D:?H9:49:E>2:?E2:?D2>6>36CD9:A

#### **% &!' & "!%**

**/@7@<4"?3@3;A/A7<;/;2'@3<4@A7:/A3@**M+967:?2?4:2=DE2E6>6?E:DAC6A2C65:?244@C52?46H:E9244@F?E:?8AC:?4:A=6D 86?6C2==J2446AE65:?E96,?:E65\*E2E6D@7>6C:42 N,\*'O+96AC6A2C2E:@?@7E96 7:?2?4:2=DE2E6>6?E:?4@?7@C>:EJ H:E9 ,\* ' C6BF:C6D >2?286>6?E E@ >2<6 6DE:>2E6D 2?5 2DDF>AE:@?D E92E 27764E E96 C6A@CE65 2>@F?ED @7 2DD6ED 2?5 =:23:=:E:6D2?55:D4=@DFC6@74@?E:?86?E2DD6ED2?5=:23:=:E:6D2EE9652E6@7E96\*E2E6>6?E@7:?2?4:2=@?5:E:@?4EF2=C6DF=ED 4@F=5D:8?:7:42?E=J5:776C7C@>E9@D66DE:>2E6D

**/@6 /;2 /@6 >B7C/93;A@** M +96 @>A2?J 567:?6D 42D9 2?5 42D9 6BF:G2=6?ED 2D 2== 42D9 32=2?46D 2?5 9:89=J =:BF:5 :?G6DE>6?EDH:E9@C:8:?2=>2EFC:E:6D@7E9C66>@?E9D@C=6DD2EE96E:>6@7AFC492D6 E92E2C6?@ED68C682E652?556A@D:E657@C C68F=2E@CJAFCA@D6D-9:=6E96@>A2?JPD42D92?542D96BF:G2=6?ED2C6@?56A@D:EH:E99:89 BF2=:EJ:?DE:EFE:@?D DF4956A@D:ED >2J6I4665656C2=6A@D:E!?DFC2?46@CA@C2E:@?N!O:?DFC65=:>:ED

**<?375;B??3;1F**MDD6ED2?5=:23:=:E:6D56?@>:?2E65:?7@C6:8?4FCC6?4:6D2C6EC2?D=2E65:?E@,\*5@==2C2>@F?ED2EE9652E6 @7G2=F2E:@?

**/@6%35?35/A327;<:=97/;13D7A6323?/9/;2!A63?\$35B9/A7<;@**M2D9D68C682E65:?4@>A=:2?46H:E9 7656C2=2?5 @E96C C68F=2E:@?D 4@?D:DE @7 BF2=:7:65 56A@D:ED :? DA64:2= C6D6CG6 32?< 244@F?ED 7@C E96 6I4=FD:G6 36?67:E @7 4FDE@>6CD :? 244@C52?46H:E9)F=64 @7E96\*64FC:E:6DI492?864E@7 E96NI492?864EO2?5@E96C C68F=2E:@?D-9:=6E96 @>A2?JPD42D9D68C682E65:?4@>A=:2?46H:E97656C2=2?5@E96CC68F=2E:@?D:D@?56A@D:EH:E99:89 BF2=:EJ:?DE:EFE:@?D DF49 56A@D:ED>2J6I4665656C2=6A@D:E!?DFC2?46@CA@C2E:@?N!O:?DFC65=:>:ED

**3=<@7A@D7A693/?7;5!?5/;7G/A7<;@**M+96@>A2?J>2:?E2:?D2>:?:>F>56A@D:EH:E946CE2:?4=62C:?8@C82?:K2E:@?D:? E966G6?EE964=62C:?8 @C82?:K2E:@?:?4FCD=@DD6D:74FDE@>6CD2C6 F?23=6E@ 7F=7:==E96:C4@?EC24EF2=4@>>:E>6?ED2?5>2C8:? C6BF:C6>6?ED2C6?@EDF77:4:6?EE@7F==J4@G6C=@DD6D:?4FCC65

**%31B?7A73@!D;32**M\*64FC:E:6D@H?652C6C64@C565@?2EC256 52E632D:D2?52C64@>AC:D65@76BF:E:6D >F?:4:A2=@3=:82E:@?D AC676CC65 2?5 4@>>@? DE@4< @7 E96 6A@D:E@CJ +CFDE =62C:?8 @CA@C2E:@? N+O 2?5 @E96C G2C:@FD D64FC:E:6D 55:E:@?2=56E2:=@7D64FC:E:6D@H?652D@7"F?6

 :DAC@G:565H:E9:?%@E6

**\$3137C/093@ 4?<: /;2 "/F/093@ A< ?<83?@ <? 3/93?@ /;2 93/?7;5 !?5/;7G/A7<;@** M )646:G23=6D 7C@>A2J23=6D E@ 3C@<6CD 562=6CD 2?5 4=62C:?8 @C82?:K2E:@?D C6AC6D6?E 2>@F?ED 5F6 :? 4@??64E:@? H:E9 E96 @>A2?JPD ?@C>2= EC2?D24E:@?D :?G@=G:?8EC25:?82?54=62C:?8@7D64FC:E:6D!?255:E:@? E96?6EC646:G23=6@CA2J23=62C:D:?87C@>F?D6EE=65EC256D:DC67=64E65 :?6:E96CE96C646:G23=6@CA2J23=6=:?6:E6>@?E96\*E2E6>6?E@7:?2?4:2=@?5:E:@?A@CE:@?@7E96@>A2?JPDEC256D2?5 4@?EC24ED2C64=62C65E9C@F8924=62C:?8@C82?:K2E:@?2?5D6EE=6552:=J36EH66?E964=62C:?8@C82?:K2E:@?2?5E96@>A2?JF6 E@E9:D52:=JD6EE=6>6?E E962>@F?E@7F?D6EE=654C65:E6IA@DFC6D:D=:>:E65E@E962>@F?E@H65E@E96@>A2?J7@C2G6CJD9@CE A6C:@5@7E:>6+96@>A2?J4@?E:?F2==JC6G:6HDE964C65:EBF2=:EJ@7:ED4@F?E6CA2CE:6D

**B@A<:3?&?/;@/1A7<;@**M)646:G23=6D7C@>2?5A2J23=6DE@4FDE@>6CD:?4=F562>@F?ED5F6@?42D92?5>2C8:?EC2?D24E:@?D \*64FC:E:6D@H?653J4FDE@>6CD :?4=F5:?8E9@D6E92E4@==2E6C2=:K6>2C8:?@C@E96CD:>:=2CEC2?D24E:@?D 2C6?@EC67=64E65:?E96 \*E2E6>6?E@7:?2?4:2=@?5:E:@?FDE@>6CD64FC:E:6DEC2?D24E:@?D2C6C64@C565@?2D6EE=6>6?E52E632D:D:?E96\*E2E6>6?E@7 :?2?4:2=@?5:E:@?)646:G23=6D7C@>4FDE@>6CD2C686?6C2==J7F==JD64FC653JD64FC:E:6D96=5:?E964FDE@>6C244@F?ED+@E96

{6}------------------------------------------------

6IE6?EE92E>2C8:?=@2?D2?5@E96CC646:G23=6D7C@>4FDE@>6CD2C6?@E7F==J4@==2E6C2=:K653J4FDE@>6CD64FC:E:6D >2?286>6?E 6DE:>2E6D2?5C64@C5DE962>@F?E@76IA64E654C65:E=@DD6D2D2?2==@H2?467@C4C65:E=@DD6D-96?6DE23=:D9:?8E9:D2==@H2?46 >2?286>6?E 4@?D:56CD 2 ?F>36C @7 724E@CD :?4=F5:?8 :ED 23:=:EJ E@ 4@==64E 7C@> E96 4FDE@>6C E96 4FDE@>6CPD 25G:D@C E96 4FDE@>6CPD :?EC@5F4:?8 3C@<6C 562=6C 2?5 E96 @>A2?JPD 9:DE@C:42= 6IA6C:6?46 :? 4@==64E:?8 @? DF49 EC2?D24E:@?D +96 @>A2?J2AA=:6DE96AC24E:42=6IA65:6?E32D65@?4@==2E6C2=>2:?E6?2?46AC@G:D:@?D:?6DE:>2E:?82?2==@H2?467@C4C65:E=@DD6D 7@C>2C8:?=@2?D

**\$3137C/093@4?<:\$357@A3?32;C3@A:3;A2C7@<?@-H\$@I**M)646:G23=6D7C@>)!DC6AC6D6?E2>@F?ED5F6:?4@??64E:@? H:E9 E96 @>A2?JPD 2DD6E 4FDE@5J D6CG:46D \$2?286>6?E C@FE:?6=J >@?:E@CD E96 4C65:E BF2=:EJ @7 E96D6 4@F?E6CA2CE:6D 2?5 2DD6DD6DDF49C646:G23=6D7@C2?J?646DD2CJ2==@H2?467@C4C65:E=@DD6D

**%31B?7A73@ <??<D32 /;2 %31B?7A73@ </;32** M \*64FC:E:6D 3@CC@H65 2?5 D64FC:E:6D =@2?65 EC2?D24E:@?D 2C6 C6A@CE65 2D 4@==2E6C2=:K657:?2?4:?8D2?5C64@C5652EE962>@F?E@742D94@==2E6C2=25G2?465@CC646:G65\*64FC:E:6D3@CC@H65EC2?D24E:@?D C6BF:C6E96@>A2?JE@56A@D:E42D9H:E9E96=6?56C-:E9C6DA64EE@D64FC:E:6D=@2?65 E96@>A2?JC646:G6D4@==2E6C2=:?E96 7@C>@742D9:?2?2>@F?E:?6I46DD@7E9672:CG2=F6@7D64FC:E:6D=@2?65+96@>A2?J>@?:E@CDE9672:CG2=F6@7D64FC:E:6D 3@CC@H652?5=@2?65@?252:=J32D:D H:E9255:E:@?2=4@==2E6C2=@3E2:?65@CC67F?565 2D?646DD2CJ+96@>A2?J2AA=:6DE96 AC24E:42= 6IA65:6?E 32D65 @? 4@==2E6C2= >2:?E6?2?46 AC@G:D:@?D :? 6DE:>2E:?8 2? 2==@H2?46 7@C 4C65:E =@DD6D 7@C D64FC:E:6D 3@CC@H65C646:G23=6D+96@>A2?J92D6DE23=:D965A@=:4:6D2?5AC@465FC6D7@C>:E:82E:?84C65:EC:D<@?D64FC:E:6D3@CC@H65 EC2?D24E:@?D :?4=F5:?8 C6G:6H:?82?56DE23=:D9:?8=:>:ED 7@C4C65:E6IA@DFC6 >2:?E2:?:?84@==2E6C2= 2?54@?E:?F2==J2DD6DD:?8 E96 4C65:EH@CE9:?6DD @7 4@F?E6CA2CE:6D +96 @>A2?J >:?:>:K6D 4C65:E C:D< 2DD@4:2E65 H:E9 E96D6 24E:G:E:6D 3J >@?:E@C:?8 4@==2E6C2=G2=F6D2?5C6BF:C:?8255:E:@?2=4@==2E6C2=E@3656A@D:E65H:E9E96@>A2?J2DA6C>:EE65F?56C4@?EC24EF2=AC@G:D:@?D

**99<D/;134<??327A<@@3@**M+96@>A2?J244@F?ED7@C6DE:>2E654C65:E=@DD6D@?7:?2?4:2=2DD6ED>62DFC652E2>@CE:K65 4@DE 2?5 46CE2:? @77 32=2?46 D966E 4C65:E 6IA@DFC6D :? 244@C52?46 H:E9 :?2?4:2= 44@F?E:?8 \*E2?52C5D @2C5 N\*O 44@F?E:?8\*E2?52C5D@5:7:42E:@? N\*O :?2?4:2= !?DECF>6?ED LC65:E#@DD6D\*\* C6BF:C6DE96 @>A2?JE@6DE:>2E66IA64E654C65:E=@DD6D@G6CE96=:76@7:ED7:?2?4:2=2DD6ED2?546CE2:?@77 32=2?46D966E6IA@DFC6D2D@7E96 C6A@CE:?852E632D65@?C6=6G2?E:?7@C>2E:@?23@FEA2DE6G6?ED 4FCC6?E4@?5:E:@?D 2?5C62D@?23=62?5DFAA@CE23=67@C642DEDD @7"F?6

 E96@>A2?J5:5?@E92G62?J@77 32=2?46D966E4C65:E6IA@DFC6DE92EC6BF:C652?2==@H2?467@C4C65:E=@DD6D

+96@>A2?JC64@C5DE966DE:>2E6@76IA64E654C65:E=@DD6D2D2?2==@H2?467@C4C65:E=@DD6D@C7:?2?4:2=2DD6ED>62DFC652E 2>@CE:K654@DE 32D:D E962==@H2?46 7@C4C65:E=@DD6D:D C6A@CE652D2 G2=F2E:@?244@F?E @?E96 32=2?46 D966EE92E:D 565F4E65 7C@>E962DD6EPD2>@CE:K654@DE32D:D

**"?<=3?AF /;2 >B7=:3;A** M 'C@A6CEJ 2?5 6BF:A>6?E :D C64@C565 2E 4@DE =6DD 244F>F=2E65 56AC64:2E:@? 6AC64:2E:@? :D 4@>AFE65FD:?8E96DEC2:89E =:?6>6E9@5@G6CE96C6>2:?:?8FD67F==:G6D@7E962DD6ED C2?8:?87C@>E@J62CD

**:=/7?:3;A<4<;57C32@@3A@**M+96@>A2?JC6G:6HD=@?8 =:G652DD6ED7@C:>A2:C>6?E2??F2==J2?5H96?6G6C6G6?ED @C492?86D:?4:C4F>DE2?46D:?5:42E6E92EE9642CCJ:?8G2=F6@7DF492DD6ED>2J?@E36C64@G6C23=6!7E96@>A2?J56E6C>:?6D 2?:>A2:C>6?E @7 2=@?8 =:G65 2DD6E 92D @44FCC65 E96 2DD6E H:== 36 HC:EE6? 5@H?E@:ED 6DE:>2E65 72:C G2=F6 H9:49:D 32D65 AC:>2C:=J@?6IA64E655:D4@F?E657FEFC642D97=@HD%@:>A2:C>6?E492C86DH6C6C64@C5652D@7"F?6
 

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
 A6C46?E=:<6=J @7 36:?8 C62=:K65 FA@? F=E:>2E6 D6EE=6>6?E+96@>A2?J92D2?2=JK65E96A@D:E:@?D7@C2==@A6?E2IJ62CD2?5E96A@D:E:@?DE@36E2<6?7@CE96A6C:@56?565

"F?6 

 :? :ED >2;@C ;FC:D5:4E:@?D 2?5 92D 2?2=JK65 H96E96C E96C6 2C6 F?46CE2:? E2I A@D:E:@?D N,+'O E92E C6BF:C6 7:?2?4:2=DE2E6>6?EC64@8?:E:@?2D65@?E9:DC6G:6H E96@>A2?J92DC6D6CG657@C2,+':??@? 7:=:?8DE2E6D7@CE96A6C:@5 6?565"F?6

 @H6G6C E96@>A2?JD4@?4=FD:@?DC682C5:?8E9:DA@=:4J>2J36DF3;64EE@C6G:6H2?525;FDE>6?E2E2 =2E6C 52E6 32D65 @? 724E@CD :?4=F5:?8 3FE ?@E =:>:E65 E@ @? 8@:?8 2?2=JD6D @7 2?5 492?86D E@ E2I =2HD C68F=2E:@?D 2?5 :?E6CAC6E2E:@?DE96C6@7 FCE96C>@C6 FA@? 2F5:E 3J 2E2I:?8 2FE9@C:EJ E96@>A2?J>2J 36=:23=6 7@C 255:E:@?2=E2I6D +96 @A6?E2IJ62CDF?56CA@E6?E:2=6I2>:?2E:@?G2CJ3J;FC:D5:4E:@?

{7}------------------------------------------------

!?646>36C
 E96\*:DDF6544@F?E:?8\*E2?52C5D,A52E6N\*,O H9:49C6BF:C6D7FCE96C8C2?F=2C:EJ@?E96 5:D4=@DFC6@7:?4@>6E2I6D :?4=F5:?8

- 6CE2:?AC6D4C:365=:?6:E6>D:?E96:?4@>6E2IC2E6C64@?4:=:2E:@?AC6D6?E653@E9:?5@==2C2?5A6C46?E286E6C>D
- !?4@>6E2I6DA2:5 :?4@>6367@C6:?4@>6E2I6D2?5:?4@>6E2I6D5:D288C682E653J7656C2= DE2E62?57@C6:8?E2I6D2?5
- FCE96C5:D288C682E:@?@7:?4@>6E2I6DA2:53J2?J:?5:G:5F2=;FC:D5:4E:@?6BF2=E@@C6I4665:?87:G6A6C46?E@7E@E2= :?4@>6E2I6DA2:5

+96@>A2?J25@AE65E9:DDE2?52C52D@7"F=J 
 2?5E96C6BF:C652??F2= @?=J5:D4=@DFC6D2C6AC@G:565:?%@E6 +96C6 H2D?@:>A24EE@E96@>A2?JPD7:?2?4:2=4@?5:E:@? FA@?25@AE:@?

**<<2D799/;2;A/;57093@@3A@**M@@5H:==C6AC6D6?EDE966I46DD@7E964@DE@72?24BF:D:E:@?@G6CE9672:CG2=F6@7E96?6E 2DD6ED24BF:C65!?E2?8:3=62DD6EDC6AC6D6?EAFC492D652DD6EDE92E=24<A9JD:42=DF3DE2?463FE42?365:DE:?8F:D9657C@>8@@5H:== 3642FD6@74@?EC24EF2=@C@E96C=682=C:89ED!?E2?8:3=62DD6EDE92E92G67:?:E6=:G6D DF492D4FDE@>6CC6=2E:@?D9:A:?E2?8:3=6D 2C6 2>@CE:K65@G6CE96:C6DE:>2E65FD67F==:G6D

+96 @>A2?J A6C7@C>D 2??F2= :>A2:C>6?E E6DED @7 :ED 8@@5H:== 2D @7 \$2C49 +96 @>A2?J A6C7@C>65 2 BF2=:E2E:G6 2DD6DD>6?E2?556E6C>:?65:EH2D?@E>@C6=:<6=JE92??@EE92EE96 72:CG2=F6@7E96 C6A@CE:?8F?:EH2D=6DDE92?:ED42CCJ:?8 2>@F?E

D @7 "F?6 

 8@@5H:== @7 ->:==:@?H2D:?4=F565H:E9:?@@5H:== 2?5:?E2?8:3=6 2DD6ED ?6E @?E96 \*E2E6>6?E @7 :?2?4:2=@?5:E:@?D@7"F?6

 E96@>A2?J4@?4=F565E92E8@@5H:==H2D?@E:>A2:C65

+96@>A2?JC6G:6HD:?E2?8:3=6D7@C:>A2:C>6?E2??F2==J2?5H96?6G6C6G6?ED@C492?86D:?4:C4F>DE2?46D:?5:42E6E92EE96 42CCJ:?8 G2=F6 @7 DF49 2DD6ED>2J ?@E 36 C64@G6C23=6 !7E96C6 2C6:?5:42E@CDE92EE96 2DD6E 8C@FA:D ?@E C64@G6C23=6E96? 2? :>A2:C>6?E=@DD D92== 36 C64@8?:K65:7E9642CCJ:?82>@F?E @72?:?E2?8:3=62DD6E:D ?@E C64@G6C23=62?5:ED42CCJ:?82>@F?E 6I4665D :ED 72:C G2=F6 !?E2?8:3=6 2DD6ED @E96C E92? 8@@5H:== 2C6 2>@CE:K65 E@ 2>@CE:K2E:@? 6IA6?D6 @? E96 \*E2E6>6?E @7 !?4@>6 FD:?8DEC2:89E =:?6>6E9@5D@G6CE96:CC6DA64E:G66DE:>2E65FD67F==:G6DD@7 "F?6

 E96C6H2D?@:>A2:C>6?E C64@C565

+96@>A2?JPD:?E2?8:3=62DD6ED2D@7"F?6

2C6DF>>2C:K652D7@==@HD

| <br><br>                     |          |
|------------------------------|----------|
| !?E2?8:3=62DD6ED             |          |
| FDE@>6CC6=2E:@?D9:AD         | <br><br> |
| 4BF:C65E649?@=@8J            | <br>     |
| +C256?2>6                    | <br>     |
| %@?<br>D@=:4:E2E:@?C:89ED    | <br>     |
| +@E2=:?E2?8:3=62DD6ED8C@DD   | <br><br> |
| 44F>F=2E652>@CE:K2E:@?       |          |
| FDE@>6CC6=2E:@?D9:AD         | <br><br> |
| 4BF:C65E649?@=@8J            | <br>     |
| +C256?2>6                    | <br>     |
| %@?<br>D@=:4:E2E:@?C:89ED    | <br>     |
| +@E2=244F>F=2E652>@CE:K2E:@? | <br>     |
| %6E42CCJ:?82>@F?E            | <br><br> |

{8}------------------------------------------------

**%35:3;A\$3=<?A7;5** M+96@>A2?J:D6?82865:?2D:?8=6=:?6@73FD:?6DD2D23C@<6C 562=6C H9:49:D4@>AC:D65@7D6G6C2= 4=2DD6D @7 D6CG:46D :?4=F5:?8 4=62C:?8 DE@4< =6?5:?8 >2C8:? =6?5:?8 2?5 4FDE@5J D6CG:46D +96 @>A2?J :56?E:7:65 E96 '2C6?EPD9:67 I64FE:G6 &77:46C H9@ 2=D@ D6CG6D @?E96 I@D \*64FC:E:6D ##@2C5 @7\$2?286CD 2DE969:67 &A6C2E:?8 64:D:@? \$2<6C N&\$O +96 @>A2?JPD &\$ 2DD6DD6D A6C7@C>2?46 2?5 2==@42E6D C6D@FC46D 32D65 @? ?6E :?4@>6 55:E:@?2==J E96&\$ FD6D 6I46DD ?6E 42A:E2= D66%@E6 H9:49:D ?@E 2>62DFC6 @7 AC@7:E @C=@DD E@>2<6 @A6C2E:@?2= 564:D:@?DH9:=6>2:?E2:?:?842A:E2=256BF24J DF492DH96E96CE@C6:?G6DEAC@7:ED@CA2J5:G:56?5D+96@>A2?JPD@A6C2E:@?D 4@?DE:EFE6 2 D:?8=6 @A6C2E:?8 D68>6?E 2?5 E96C67@C6 2 D:?8=6 C6A@CE23=6 D68>6?E 3642FD6 E96 &\$ >2?286D E96 3FD:?6DD 24E:G:E:6D FD:?8 :?7@C>2E:@? @7 E96 @>A2?J 2D 2 H9@=6 \*68>6?E 2DD6ED 2C6 E96 D2>6 2D E9@D6 C6A@CE65 :? E96 @>A2?JPD \*E2E6>6?E@7:?2?4:2=@?5:E:@?

**11<B;A7;5%A/;2/?2@@@B32BA <A+3A2<=A32**M !? \*6AE6>36C 
 E96 \* :DDF65 \*, H9:49 2>6?5D 46CE2:?2DA64ED@7E96244@F?E:?8 7@C2?55:D4=@DFC6@7:?E6C?2= FD6D@7EH2C64@DED>@?8@E96CE9:?8D E96DE2?52C5 C6BF:C6D 42A:E2=:K2E:@? @?=J 27E6C >2?286>6?E 2FE9@C:K6D 2?5 4@>>:ED E@ 7F?5:?8 2 AC@;64E 2?5 :E :D AC@323=6 E96 AC@;64E H:== 36 4@>A=6E65 2?5 FD65 2D :?E6?565 +96 DE2?52C5 :D 67764E:G6 7@C 2== 6?E:E:6D 7@C 2??F2= C6A@CE:?8 A6C:@5D 368:??:?8 27E6C 646>36C 
 2?5 7@C :?E6C:> A6C:@5D H:E9:? E9@D6 2??F2= C6A@CE:?8 A6C:@5D 2C=J 25@AE:@? :D A6C>:EE65 2D @7 E96 368:??:?8@72?2??F2=C6A@CE:?8A6C:@5+96@>A2?J:D4FCC6?E=J6G2=F2E:?8E96:>A24E@725@AE:@?@?:ED7:?2?4:2=DE2E6>6?E

### **% %#'( &% %%\$& !" )&\$ !&\$\$'&! %**

+967@==@H:?8E23=6AC@G:56D2C64@?4:=:2E:@?@72D92?542D96BF:G2=6?ED2?52D9D68C682E65:?4@>A=:2?46H:E97656C2=2?5 @E96CC68F=2E:@?DC6A@CE65H:E9:?E96\*E2E6>6?E@7:?2?4:2=@?5:E:@?2D@7 "F?6
 

| <br><br>                                                                             |  |  |
|--------------------------------------------------------------------------------------|--|--|
| 2D92?542D96BF:G2=6?ED                                                                |  |  |
| 2D9D68C682E65:?4@>A=:2?46H:E97656C2=2?5@E96CC68F=2E:@?D                              |  |  |
| +@E2=2D92?542D96BF:G2=6?ED2?52D9D68C682E65:?4@>A=:2?46H:E97656C2=2?5@E96CC68F=2E:@?D |  |  |

2D9 D68C682E65 :? 4@>A=:2?46 H:E9 7656C2= 2?5 @E96C C68F=2E:@?D @? E96 \*E2E6>6?E @7 :?2?4:2= @?5:E:@? C6AC6D6?ED 42D9 D68C682E65@CD6E2D:56E@D2E:D7JC6BF:C6>6?EDF?56CE96\*FDE@>6C'C@E64E:@?)F=6N)F=64 @7E96I492?864EO +9:D42D9:D96=5H:E9:?DA64:2=C6D6CG632?<244@F?ED7@CE966I4=FD:G636?67:E@74FDE@>6CD

### **\$(\$! "+&!\$!\$%\$% \$ !\$ ,&! %**

)646:G23=67C@>2?5A2J23=6E@3C@<6CD 562=6CD 2?54=62C:?8@C82?:K2E:@?D2C64@>AC:D65@7E967@==@H:?82D@7"F?6
 *-* 

| )646:G23=6	?6E            |          |
|---------------------------|----------|
| C@<6CD2?5562=6CD          | <br><br> |
| *64FC:E:6D72:=65E@56=:G6C | <br>     |
| =62C:?8@C82?:K2E:@?D      | <br>     |
| +@E2=C646:G23=6	?6E       | <br><br> |
| '2J23=6                   |          |
| C@<6CD2?5562=6CD          | <br><br> |
| *64FC:E:6D72:=65E@C646:G6 | <br>     |
| =62C:?8@C82?:K2E:@?D      | <br>     |
| +@E2=A2J23=6              | <br><br> |

)646:G23=6DC6=2E65E@D64FC:E:6D2C64@==2E6C2=:K653JE96F?56C=J:?8D64FC:E:6D96=52EE96@>A2?JAC:@CE@D6EE=6>6?E

+96E@E2=2>@F?E@73C@<6C 562=6C2==@H2?467@C4C65:E=@DD6DC64@C5652D@7"F?6

 :D->:==:@?+962==@H2?467@C 4C65:E=@DD6DC64@C565:DAC:>2C:=J5F6E@2D:?8=6C646:G23=6@7->:==:@? H9:49H2DAC@G:D:@?657@C:?

{9}------------------------------------------------

### **&" %**

+96'2C6?E@776C652
<A=2?2D@7"F?6

\*F3DE2?E:2==J2==@7E96@>A2?JD6>A=@J66D2C623=6E@A2CE:4:A2E6:?E96 A=2? >A=@J66D >2J 4@?EC:3FE6 FAE@ 

 @7E96:C 4@>A6?D2E:@? DF3;64EE@ 46CE2:?=:>:ED 32D65 @? 7656C2=E2I=2HD +96 @>A2?JAC@G:5652?6>A=@J6C>2E49:?84@?EC:3FE:@?E@E96
<A=2?32D65@?2?6>A=@J66PD56D:8?2E655676CC2=@7E96:C 6=:8:3=64@>A6?D2E:@?

### **\$('! %&\$' &%**

2:CG2=F6:D567:?652DE96AC:46E92EH@F=536C646:G65E@D6==2?2DD6E@CA2:5E@EC2?D76C2=:23:=:EJ:6 E966I:EAC:46:?2? @C56C=JEC2?D24E:@?36EH66?>2C<6EA2CE:4:A2?ED2EE96>62DFC6>6?E52E6

!?56E6C>:?:?872:CG2=F6 E96@>A2?J6DE23=:D96D272:CG2=F69:6C2C49J7@C:?AFEDFD65:?>62DFC:?872:CG2=F6E92E>2I:>:K6D E96FD6@7@3D6CG23=6:?AFED2?5>:?:>:K6DE96FD6@7F?@3D6CG23=6:?AFED3JC6BF:C:?8E92EE96>@DE@3D6CG23=6:?AFED36FD65 H96?2G2:=23=6&3D6CG23=6:?AFED2C6E9@D6E92E>2C<6EA2CE:4:A2?EDH@F=5FD6:?AC:4:?8E962DD6E@C=:23:=:EJ32D65@?>2C<6E 52E2 @3E2:?65 7C@> D@FC46D:?56A6?56?E @7E96 @>A2?J ,?@3D6CG23=6:?AFED C67=64EE96 @>A2?JPD 2DDF>AE:@? 23@FEE96 :?AFED>2C<6EA2CE:4:A2?EDH@F=5FD6:?AC:4:?8E962DD6E@C=:23:=:EJ56G6=@A6532D65@?E9636DE:?7@C>2E:@?2G2:=23=6:?E96 4:C4F>DE2?46D+969:6C2C49J:D42E68@C:K65:?E@E9C66=6G6=D32D65@?E96:?AFED2D7@==@HD

*-*M(F@E65AC:46D:?24E:G6>2C<6ED7@C:56?E:42=2DD6ED@C=:23:=:E:6D:?24E:G6>2C<6EDE92EE966?E:EJ92DE9623:=:EJE@ 2446DD2D@7E96>62DFC6>6?E52E6

M&3D6CG23=6:?AFED@E96CE92?#6G6=AC:46DDF492DBF@E65AC:46D7@CD:>:=2C2DD6ED@C=:23:=:E:6DBF@E65AC:46D:? >2C<6ED E92E 2C6 ?@E 24E:G6 @C @E96C :?AFED E92E 2C6 @3D6CG23=6 @C 42? 36 4@CC@3@C2E65 3J @3D6CG23=6 >2C<6E 52E2 7@C DF3DE2?E:2==JE967F==E6C>@7E962DD6ED

 M,?@3D6CG23=6:?AFEDE92E2C6DFAA@CE653J=:EE=6@C?@>2C<6E24E:G:EJ2?5E92E2C6D:8?:7:42?EE@E9672:CG2=F6@7E96 2DD6ED@C=:23:=:E:6D#6G6=2DD6ED2?5=:23:=:E:6D:?4=F567:?2?4:2=:?DECF>6?EDH9@D6G2=F6:D56E6C>:?65FD:?8AC:4:?8>@56=D DF492D5:D4@F?E6542D97=@H>6E9@5@=@8:6D @CD:>:=2CE649?:BF6D 2DH6==2D:?DECF>6?ED7@CH9:49E9656E6C>:?2E:@?@772:C G2=F6C6BF:C6DD:8?:7:42?E>2?286>6?E;F58>6?E@C6DE:>2E:@?

#6G6=:?G6DE>6?ED4@?D:DE@76A@D:E@CJ+CFDE=62C:?8@CA@C2E:@?N+ODE@4<+>6>36CD2C6C6BF:C65E@@H?2 46CE2:?2>@F?E@7+DE@4<32D65@?4=62C:?8=6G6=D2?546CE2:?@E96C724E@CD+DE@4<:DG2=F6532D65@?:?7@C>2E:@? AC@G:5653JE96+2?5:D4=2DD:7:652D2C6DEC:4E65D64FC:EJ

+96 2G2:=23:=:EJ @7 G2=F2E:@?E649?:BF6D 2?5 @3D6CG23=6:?AFED 42? G2CJ 7C@> D64FC:EJE@ D64FC:EJ 2?5:D 27764E65 3J 2 H:56 G2C:6EJ@7 724E@CD :?4=F5:?8E96EJA6@7D64FC:EJ H96E96CE96D64FC:EJ:D?6H2?5?@EJ6E6DE23=:D965:?E96>2C<6EA=246 2?5 @E96C 492C24E6C:DE:4D A2CE:4F=2C E@ E96 EC2?D24E:@? +@ E96 6IE6?E E92E G2=F2E:@? :D 32D65 @? >@56=D @C :?AFED E92E 2C6 =6DD @3D6CG23=6@CF?@3D6CG23=6:?E96>2C<6E E9656E6C>:?2E:@?@772:CG2=F6C6BF:C6D>@C6;F58>6?E+9@D66DE:>2E65G2=F6D5@ ?@E?646DD2C:=JC6AC6D6?EE962>@F?EDE92E>2J36F=E:>2E6=JC62=:K655F6E@E96@44FCC6?46@77FEFC64:C4F>DE2?46DE92E42??@E 36C62D@?23=J56E6C>:?65642FD6@7E96:?96C6?EF?46CE2:?EJ@7G2=F2E:@? E9@D66DE:>2E65G2=F6D>2J36>2E6C:2==J9:896C@C =@H6CE92?E96G2=F6DE92EH@F=592G6366?FD659252C625J>2C<6E7@CE96D64FC:E:6D6I:DE65!?46CE2:?42D6D E96:?AFEDFD65 E@>62DFC672:CG2=F6>2J72==:?E@5:776C6?E=6G6=D@7E9672:CG2=F69:6C2C49J!?DF4942D6D 7@C5:D4=@DFC6AFCA@D6D E96=6G6=:? E9672:CG2=F69:6C2C49JH:E9:?H9:49E9672:CG2=F6>62DFC6>6?E72==D:?:ED6?E:C6EJ:D56E6C>:?653JE96=@H6DE=6G6=:?AFEE92E :DD:8?:7:42?EE@E9672:CG2=F6>62DFC6>6?E

2:C G2=F6 :D 2 >2C<6E 32D65 >62DFC6 4@?D:56C65 7C@> E96 A6CDA64E:G6 @7 2 >2C<6E A2CE:4:A2?E C2E96C E92? 2? 6?E:EJ DA64:7:4 >62DFC6+96C67@C6 6G6?H96?>2C<6E2DDF>AE:@?D2C6?@EC625:=J2G2:=23=6 E96@>A2?JPD@H?2DDF>AE:@?D2C6D6EE@C67=64E E9@D6E92E>2C<6EA2CE:4:A2?EDH@F=5FD6:?AC:4:?8E962DD6E@C=:23:=:EJ2EE96>62DFC6>6?E52E6+96@>A2?JFD6DAC:46D2?5 :?AFED E92E 2C6 4FCC6?E 2D @7 E96 >62DFC6>6?E 52E6 :?4=F5:?8 5FC:?8 A6C:@5D @7 >2C<6E 5:D=@42E:@? !? A6C:@5D @7 >2C<6E 5:D=@42E:@? E962G2:=23:=:EJ@7AC:46D2?5:?AFED>2J36C65F4657@C>2?JD64FC:E:6D+9:D4@?5:E:@?4@F=542FD62D64FC:EJE@36 C64=2DD:7:65E@2=@H6C=6G6=H:E9:?E9672:CG2=F69:6C2C49J

{10}------------------------------------------------

D@7"F?6

 E96@>A2?JPD2DD6ED>62DFC652E72:CG2=F6@?2C64FCC:?832D:D4@?D:DE@7E967@==@H:?8

| <br><br>                       |          |           |          |          |
|--------------------------------|----------|-----------|----------|----------|
| @@3A@                          | 3C39     | 3C39      | 3C39     | +@E2=    |
| BF:E:6D                        | <br><br> | <br><br>M | <br><br> | <br><br> |
| *64FC:E:6D@H?65<br>2E72:CG2=F6 | <br><br> | <br><br>M | <br><br> | <br><br> |

+96 72:C G2=F6 @7 2== @E96C 7:?2?4:2= :?DECF>6?ED C67=64E65 :? E96 \*E2E6>6?E @7 :?2?4:2= @?5:E:@? 4@?D:DE:?8 @7 AC:>2C:=J C646:G23=6D 7C@>2?5A2J23=6DE@3C@<6CD 562=6CD 2?54=62C:?8@C82?:K2E:@?D2?54FDE@>6CD D64FC:E:6D3@CC@H652?5=@2?65 A2J23=6E@32?<D 2?5?@E6DC646:G23=62AAC@I:>2E6E9642CCJ:?8G2=F65F6E@E96D9@CE E6C>?2EFC62?5AC:4:?8492C24E6C:DE:4D@7 E967:?2?4:2=:?DECF>6?ED

+96E23=636=@HDF>>2C:K6DE96BF2?E:E2E:G6:?7@C>2E:@?23@FE#6G6=72:CG2=F6>62DFC6>6?ED

|          | B;3<br><br> |                            |                                         |                              |  |  |  |  |
|----------|-------------|----------------------------|-----------------------------------------|------------------------------|--|--|--|--|
| <br><br> | /7?(/9B3    | (/9B/A7<;&316;7>B3         | ';<0@3?C/093;=BA                        | \$/;53<br><br>)3756A32C3?/53 |  |  |  |  |
| +*E@4<   | <br><br>    | )646?EEC2?D24E:@?<br>AC:46 | '6CD92C6AC:46:?7@C>2E:@?<br>AC@G:5653J+ | <br><br>                     |  |  |  |  |

&?=J@?6F?@3D6CG23=6:?AFE6I:DEDE9FD2C2?86:D?@EAC@G:565

### **"\$!"\$&+ #'" &**

'C@A6CEJ2?56BF:A>6?E4@?D:DE65@7E967@==@H:?82D@7"F?6
 

| <br><br>                    |          |
|-----------------------------|----------|
| *@7EH2C6                    | <br><br> |
| FC?:EFC62?56BF:A>6?E        | <br>     |
|                             | <br>     |
| #6DD244F>F=2E6556AC64:2E:@? | <br>     |
| 'C@A6CEJ2?56BF:A>6?E	?6E    | <br><br> |

### **\$'&!\$+\$#'\$ &%**

+96@>A2?J:DDF3;64EE@E96\*,?:7@C>%6E2A:E2=)F=64 @7E96I492?864E,?56CE9:DCF=6 E96@>A2?J92D 6=64E65 E@ @A6C2E6 F?56C E96 2=E6C?2E6 >6E9@5 2?5 :D C6BF:C65 E@ >2:?E2:? >:?:>F> ?6E 42A:E2= @7 - >:==:@? @C @7 288C682E6563:E32=2?46D2C:D:?87C@>4=:6?EEC2?D24E:@?D 2D567:?65&?"F?6

 E96@>A2?J925?6E42A:E2=@7- >:==:@?H9:49H2D->:==:@?:?6I46DD@7E96C6BF:C65?6E42A:E2=C6BF:C6>6?E@7->:==:@?+96@>A2?JPDA6C46?E286@7 ?6E42A:E2=E@288C682E6563:E:E6>DH2D,?56CE962=E6C?2E6>6E9@5 E96@>A2?J>2J?@EC6A2JDF3@C5:?2E65563E A2J 42D9 5:DEC:3FE:@?D @C>2<6 2?J F?D64FC65 25G2?46D @C=@2?DE@:ED A2C6?E @C 6>A=@J66D:7 DF49 A2J>6?EH@F=5 C6DF=E:? ?6E 42A:E2=@7=6DDE92?@7288C682E6563:E32=2?46D@C=6DDE92?
@7:ED>:?:>F>5@==2CC6BF:C6>6?E

+96@>A2?J 2D24=62C:?8 3C@<6C :D DF3;64EE@)F=6 4 @7E96I492?864EH9:49 C6BF:C6D D68C682E:@? @7 7F?5D:?2 DA64:2=C6D6CG6244@F?E7@CE966I4=FD:G636?67:E@74FDE@>6CDNFDE@>6C)6D6CG6O2?5AC@AC:6E2CJ244@F?ED@73C@<6CDN' )6D6CG6O D @7 "F?6 

 E96 @>A2?J 42=4F=2E65 2 FDE@>6C )6D6CG6 56A@D:E C6BF:C6>6?E @7 - >:==:@? 2?5 >2:?E2:?65256A@D:E@7->:==:@?&?"F=J 
 E96@>A2?J>256256A@D:E@7->:==:@?D@7"F?6

 E96 @>A2?J42=4F=2E652')6D6CG656A@D:EC6BF:C6>6?E@7->:==:@?2?5>2:?E2:?65256A@D:E@7->:==:@?&?"F=J E96@>A2?J>256256A@D:E@7->:==:@?

{11}------------------------------------------------

### **!%&& !%'\$&% \$ &%**

+96@>A2?J6?E6CD:?E@D64FC:E:6D3@CC@H652?5D64FC:E:6D=@2?65EC2?D24E:@?D+96@>A2?J6I64FE6DE96D6EC2?D24E:@?DE@ 724:=:E2E64FDE@>6C>2E49 3@@<24E:G:EJ E@4@G6CD9@CEA@D:E:@?D 2?5 7@C4FDE@>6CD64FC:E:6D=6?5:?8+96@>A2?J>2?286D 4C65:E6IA@DFC67C@>46CE2:?EC2?D24E:@?D3J6?E6C:?8:?E@>2DE6CD64FC:E:6D=6?5:?828C66>6?ED+96C6=6G2?E28C66>6?ED2==@H 7@CE96677:4:6?E4=@D6@FE@7EC2?D24E:@?D =:BF:52E:@? 2?5D6E @77@74@==2E6C2=282:?DEE96?6E2>@F?E@H653JE964@F?E6CA2CEJ 7@==@H:?8 2 5672F=E 672F=E 6G6?ED 86?6C2==J :?4=F56 2>@?8 @E96C E9:?8D 72:=FC6 E@ A2J :?D@=G6?4J @C 32?<CFAE4J @7 2 4@F?E6CA2CEJ

+967@==@H:?8E23=6AC6D6?ED:?7@C>2E:@?23@FEE96@77D6EE:?8@7E96D6:?DECF>6?ED2?5C6=2E654@==2E6C2=2>@F?ED2D@7"F?6
 

#### *-*

|                    | ?<@@@@3A@<br>7/0797A73@ | :<B;A@!44@3A |   | 3A/9/;13<br>%633A:<B;A |  | :<B;A@ <A<br>!44@3A |   | 3A@@3A@<br>7/0797A73@ |  |
|--------------------|-------------------------|--------------|---|------------------------|--|---------------------|---|-----------------------|--|
| DD6ED              |                         |              |   |                        |  |                     |   |                       |  |
| *64FC:E:6D3@CC@H65 | <br><br>                | <br>         | M | <br>                   |  | <br>                | M | <br>                  |  |
| #:23:=:E:6D        |                         |              |   |                        |  |                     |   |                       |  |
| *64FC:E:6D=@2?65   | <br><br>                | <br>         | M | <br>                   |  | <br>                | M | <br>                  |  |

+96D64FC:E:6D=@2?65EC2?D24E:@?DC6AC6D6?E6BF:E:6DH:E92?@G6C?:89E2?5@A6?>2EFC:EJ4=2DD:7:42E:@?

### **\$(\$! "+&!'%&!\$%**

44@F?EDC646:G23=67C@>2?5A2J23=6E@4FDE@>6CD:?4=F562>@F?ED5F6@?42D92?5>2C8:?EC2?D24E:@?D\*64FC:E:6D@H?653J 4FDE@>6CD2C696=52D4@==2E6C2=7@CC646:G23=6D+964FDE@>6CC646:G23=6D2C6C64@C565?6E@72?2==@H2?467@C4C65:E=@DD6D@7 -E9@FD2?5+962>@F?ED2C62D7@==@HD2D@7"F?6
 

#### *-*

| )646:G23=67C@>4FDE@>6CD<br>?6E | <br><br> |
|--------------------------------|----------|
| '2J23=6E@4FDE@>6CD             | <br><br> |

### **"+&! % "\$ &**

+96@>A2?J92D2->:==:@?F?4@>>:EE65D64FC65=:?6@74C65:E7C@>2E9:C5A2CEJ32?<2G2:=23=67@C3@CC@H:?82D?66565 D@7"F?6

 ?@3@CC@H:?8DH6C6@FEDE2?5:?8+9:D4C65:E724:=:EJ362CD:?E6C6DE2E2C2E632D65@?E96656C2=F?5DC2E6 2?52?J3@CC@H:?8D2C65F6FA@?56>2?5D@7"F?6

 E96C2E6H2D +964C65:E724:=:EJ92D?@6IA:C2E:@?52E6 +96@>A2?JH2D:?4@>A=:2?46H:E92==2AA=:423=64@G6?2?ED2E"F?6
 

+96 @>A2?J 92D 2 - >:==:@? 4@>>:EE65 F?D64FC65 =:?6 @7 4C65:E 7C@> 2 E9:C5 A2CEJ 32?< 2G2:=23=6 7@C =:>:E65 AFCA@D6 3@CC@H:?8D@7"F?6

 ?@3@CC@H:?8DH6C6@FEDE2?5:?8+9:D4C65:E724:=:EJ6IA:C6D:?&4E@36C
+964@>>:EE65 4C65:E724:=:EJ4@?E2:?D7:?2?4:2=2?5@E96C4@G6?2?ED+96@>A2?JH2D:?4@>A=:2?46H:E92==2AA=:423=64@G6?2?ED2E"F?6
 D@7"F?6

 E96C2E6H2D!?"F=J
 E9:D=:?6@74C65:EH2DE6C>:?2E653JE96@>A2?J

+96@>A2?J 92D 2 ->:==:@? F?4@>>:EE65 F?D64FC65=:?6 @7 4C65:E 2G2:=23=6 7C@>E96 '2C6?E D @7 "F?6 

 ?@ 3@CC@H:?8D H6C6 @FEDE2?5:?8 +9:D 4C65:E 724:=:EJ 362CD :?E6C6DE 2E 2 C2E6 32D65 @? E96 656C2= F?5D C2E6 2?5 :D 5F6 FA@? 56>2?5D@7"F?6

 E96C2E6H2D+9:D4C65:E724:=:EJ92D?@6IA:C2E:@?52E6+96@>A2?JH2D:?4@>A=:2?46 H:E9 2== 4@G6?2?ED 2E "F?6 

 !? "F=J 
 E96 '2C6?E E6C>:?2E65 E9:D =:?6 2?5 :DDF65 2 - >:==:@? 4@>>:EE65 F?D64FC65=:?6@74C65:E+9:D4C65:E724:=:EJ362CD:?E6C6DE2E2C2E632D65@?E96656C2=F?5DC2E62?5:D5F6FA@?56>2?5

{12}------------------------------------------------

#### **!&\*%**

+964@>A@?6?ED@7E96?6E5676CC65E2I2DD6E2D@7"F?6

2C6AC6D6?E65:?E967@==@H:?8E23=6

| <br><br> |
|----------|
| <br>     |
| <br>     |
| <br>     |
| <br>     |
| <br>     |
| <br><br> |
|          |
| <br><br> |
| <br>     |
| <br><br> |
| <br><br> |
|          |

+96@>A2?J:D:?4=F565:?E964@?D@=:52E65E2I C6EFC?@7E96'2C6?E2?5:ED DF3D:5:2C:6D+96AC@G:D:@? 7@C:?4@>6E2I6D:D 42=4F=2E653JFD:?82ND6A2C2E6C6EFC?O>6E9@5,?56CE9:D>6E9@5 :E:D2DDF>65E@7:=62D6A2C2E6C6EFC?H:E9E96E2I2FE9@C:EJ E96C63J C6A@CE:?8E2I23=6:?4@>6 @C=@DD 2?5 A2J:?8E96 2AA=:423=6E2IE@ @C C646:G:?8E96 2AAC@AC:2E6 C67F?5 7C@> F=E:>2E6 '2C6?E+964FCC6?EE2IAC@G:D:@?:DE962>@F?E@7E96E2IA2J23=6@CC67F?523=632D65@?29JA@E96E:42= 4FCC6?E J62CD6A2C2E6 C6EFC?+96@>A2?JAC@G:56D5676CC65E2I6D@?E6>A@C2CJ5:776C6?46D2?5@?2?J42CCJ7@CH2C5DE92E4@F=5364=2:>65@?@FC 9JA@E96E:42=C6EFC?2?52DD6DD6DE96?6657@C2G2=F2E:@?2==@H2?46@?E9632D:D@7E96AC@;64E65D6A2C2E6C6EFC?C6DF=ED

+96C64@?4:=:2E:@?@7E968C@DD368:??:?82?56?5:?82>@F?E@7F?46CE2:?E2IA@D:E:@?D2D@7 "F?6

 2C6AC6D6?E65:?E96 7@==@H:?8E23=6

| <br><br>                                           |          |
|----------------------------------------------------|----------|
| 2=2?46M368:??:?8@7A6C:@5                           | <br><br> |
| 55:E:@?DM4FCC6?EJ62CE2IA@D:E:@?D                   | <br>     |
| +@E2==:23:=:EJ7@CF?46CE2:?E2IA@D:E:@?DM6?5@7A6C:@5 | <br><br> |

D@7"F?6

 F?46CE2:?E2I36?67:EDE@E2=65-E9@FD2?5E92E :7C64@8?:K65 H@F=572G@C23=J:>A24EE9667764E:G6E2I C2E6 +96@>A2?J244@F?ED7@C:?E6C6DE2?5A6?2=E:6DC6=2E65E@:?4@>6E2I=:23:=:E:6D2D24@>A@?6?E@7:?4@>6E2I6IA6?D6

### **!& &% ! & %**

+96@>A2?JH2D2C6DA@?56?E:?2!%)2C3:EC2E:@?>2EE6C :?H9:49E962C3:EC2E:@?A2?6=:?:E:2==JC6?56C652->:==:@? 2H2C5@?"F?6 
+96>2EE6C2C@D6@FE@74=62C:?8D6CG:46DE92EE96@>A2?JAC@G:565E@2E9:C5 A2CEJ:?EC@5F4:?83C@<6C 562=6C H9:49:D 2==6865E@ 92G6 4@>>:EE65 46CE2:? D2=6D AC24E:46 G:@=2E:@?D +96 @>A2?J 925 ?@ 5FEJ @C C6DA@?D:3:=:EJE@ DFA6CG:D6E96:?EC@5F4:?8 3C@<6C 562=6CPD @C:ED C6AC6D6?E2E:G6DP D2=6D AC24E:4624E:G:E:6D+96@>A2?J 92D 7:=652 A6E:E:@?E@ G242E6E962H2C52?5 32D65@?:ED2DD6DD>6?E@7E96=:<6=:9@@5@7A@E6?E:2=@FE4@>6D E96@>A2?J92D244CF652=:23:=:EJ@7 - >:==:@? :? 44@F?ED A2J23=6 2?5 244CF65 =:23:=:E:6D :? E96 \*E2E6>6?E @7 :?2?4:2= @?5:E:@? 2D @7 "F?6 

 +9:D 4@?E:?86?4JH:==?@E:>A24EE96@>A2?JPD4@>A=:2?46H:E9?6E42A:E2=C6BF:C6>6?ED

+96@>A2?J>2J36DF3;64EE@@E96C=2HDF:ED 2C3:EC2E:@? 4=2:>D 2?5@E96C=682=AC@4665:?8D:?4@??64E:@?H:E9:ED3FD:?6DD DF3DE2?E:2= 25G6CD6;F58>6?E @C @E96C F?72G@C23=6 C6D@=FE:@?@7E96D6>2EE6CD 4@F=5 92G6 2>2E6C:2= 25G6CD6 67764E @?E96 @>A2?JPD\*E2E6>6?E@7:?2?4:2=@?5:E:@?\$2?286>6?E:D@7E96@A:?:@?E92EE96@>A2?J92D256BF2E6=682=5676?D6DH:E9 C6DA64EE@E96=682=AC@4665:?8DE@H9:49:E:D25676?52?E@CC6DA@?56?E2?5E96@FE4@>6@7E96D6A6?5:?8AC@4665:?8D:D?@E =:<6=JE@92G62>2E6C:2=25G6CD667764E@?E96\*E2E6>6?E@7:?2?4:2=@?5:E:@?@7E96@>A2?J

{13}------------------------------------------------

+96@>A2?J5:D4FDD6D>2EE6CDH:E9:EDC68F=2E@CDC2:D655FC:?8C68F=2E@CJ6I2>:?2E:@?D@C@E96CH:D6DF3;64EE@E96:C:?BF:CJ +96D6>2EE6CD4@F=5C6DF=E:?46?DFC6D 7:?6D @C@E96CD2?4E:@?D\$2?286>6?E36=:6G6DE96@FE4@>6@72?JC6DF=E:?824E:@?DH:== ?@E36>2E6C:2=E@E96@>A2?JPD\*E2E6>6?E@7:?2?4:2=@?5:E:@? @H6G6C E96@>A2?J:DF?23=6E@AC65:4EE96F=E:>2E6 @FE4@>6@7E96D6>2EE6CD

### **\$&"\$&%**

+96@>A2?J 92D 2 ! 42D9 D@CE:?8 AC@8C2> 56A@D:E 244@F?EH:E9I@D2?< 2? 277:=:2E65 4@>A2?J-9:=6E96 56A@D:E 244@F?E:D?@E2?2DD6E@7E96@>A2?J2?5:D96=57@CE966I4=FD:G636?67:E@7E96@>A2?JPD4FDE@>6CD E96@>A2?J5@6D 62C?:?4@>6766D7C@>E9656A@D:E244@F?EH:E9I@D2?<55:E:@?2==J E96@>A2?J>2:?E2:?D2?@A6C2E:?856A@D:E244@F?E 2EI@D2?<7@C:ED86?6C2=4@CA@C2E6AFCA@D6D

E "F?6 

 E96C6H2D2 A2J23=6E@ C6=2E65 A2CE:6D:?E962>@F?E @7 -E9@FD2?5+96@>A2?J 96=5 ?@ ?6E42D9 :? C6=2E654@>A2?J32?<244@F?ED2D@7"F?6

FC:?8E96A6C:@5 E96@>A2?JAC@G:5654=62C:?8D6CG:46DE@277:=:2E6D@7 I@D=62C:?8##+96@>A2?JDA@?D@CD27F==JA2:5=6?5:?8AC@8C2>H96C63J4FDE@>6CDAC@G:56D64FC:E:6D7@CD64FC:E:6D =6?5:?8+96@>A2?JC646:G6D42D92D4@==2E6C2=7C@>3C@<6C 562=6CD2?556A@D:EDE9:D42D9:?2C6DEC:4E6556A@D:E244@F?E2E I@D2?<D@7"F?6

 ->:==:@?@7DF494@==2E6C2=H2D96=53JI@D2?<

### **%&\$' &%)&! %&\$%**

!?E96?@C>2=4@FCD6@73FD:?6DD E96@>A2?JPD4FDE@>6C24E:G:E:6D:?G@=G6E966I64FE:@? D6EE=6>6?E 2?57:?2?4:?8@7G2C:@FD 4FDE@>6CD64FC:E:6DEC2?D24E:@?D+96D624E:G:E:6D>2J6IA@D6E96@>A2?JE@@77 32=2?46 D966EC:D<:?E966G6?EE964FDE@>6C @C@E96C3C@<6C:DF?23=6E@7F=7:==:ED4@?EC24EF2=@3=:82E:@?D2?5E96@>A2?J92DE@AFC492D6@CD6==E967:?2?4:2=:?DECF>6?E F?56C=J:?8 E96 4@?EC24E 2E 2 =@DD +96 @>A2?JPD 4=62C:?8 28C66>6?ED H:E9 3C@<6C 562=6CD 7@C H9:49 :E AC@G:56D 4=62C:?8 D6CG:46D:?56>?:7JE96@>A2?J:74FDE@>6CD72:=E@D2E:D7JE96:C4@?EC24EF2=@3=:82E:@?

+96 @>A2?JPD 4FDE@>6C D64FC:E:6D 24E:G:E:6D 2C6 EC2?D24E65 @? 6:E96C 2 42D9 @C >2C8:? 32D:D !? >2C8:? EC2?D24E:@?D E96 @>A2?J6IE6?5D4C65:EE@:ED4FDE@>6CD DF3;64EE@G2C:@FDC68F=2E@CJ2?5:?E6C?2=>2C8:?C6BF:C6>6?ED 4@==2E6C2=:K653J42D9 2?5 D64FC:E:6D :? E96 4FDE@>6CPD 244@F?ED !? 4@??64E:@? H:E9 E96D6 24E:G:E:6D E96 @>A2?J 6I64FE6D 2?5 4=62CD 4FDE@>6C EC2?D24E:@?D:?G@=G:?8E96D2=6@7D64FC:E:6D?@EJ6EAFC492D65 DF3DE2?E:2==J2==@7H9:492C6EC2?D24E65@?2>2C8:?32D:DDF3;64E E@:?5:G:5F2=6I492?86C68F=2E:@?D\*F49EC2?D24E:@?D>2J6IA@D6E96@>A2?JE@D:8?:7:42?E@77 32=2?46 D966EC:D<:?E966G6?E >2C8:?C6BF:C6>6?ED2C6?@EDF77:4:6?EE@7F==J4@G6C=@DD6DE92E4FDE@>6CD>2J:?4FC!?E966G6?EE964FDE@>6C72:=DE@D2E:D7J :ED@3=:82E:@?D E96@>A2?J>2J36C6BF:C65E@AFC492D6@CD6==7:?2?4:2=:?DECF>6?ED2EAC6G2:=:?8>2C<6EAC:46DE@7F=7:==E96 4FDE@>6CPD@3=:82E:@?D+96@>A2?JD66<DE@4@?EC@=E96C:D<D2DD@4:2E65H:E9:ED4FDE@>6C24E:G:E:6D3JC6BF:C:?84FDE@>6CDE@ >2:?E2:? >2C8:? 4@==2E6C2= :? 4@>A=:2?46 H:E9 G2C:@FD C68F=2E@CJ 2?5 :?E6C?2= 8F:56=:?6D +96 @>A2?J >@?:E@CD C6BF:C65 >2C8:?=6G6=D52:=J 2?5AFCDF2?EE@DF498F:56=:?6D C6BF:C6DE964FDE@>6CE@56A@D:E255:E:@?2=4@==2E6C2=@CE@C65F46A@D:E:@?D H96??646DD2CJ

+96@>A2?J:D6?82865:?G2C:@FDEC25:?82?53C@<6C28624E:G:E:6D:?H9:494@F?E6CA2CE:6DAC:>2C:=J:?4=F563C@<6C 562=6CD 32?<D 2?5@E96C7:?2?4:2=:?DE:EFE:@?D!?E966G6?E4@F?E6CA2CE:6D5@?@E7F=7:==E96:C@3=:82E:@?D E96@>A2?J>2J366IA@D65 E@ C:D<+96 C:D<@75672F=E56A6?5D@?E964C65:EH@CE9:?6DD@7E964@F?E6CA2CEJ@C:DDF6C@7E96:?DECF>6?E !E:DE96A@=:4JE@ C6G:6H 2D?646DD2CJ E964C65:EDE2?5:?8@762494@F?E6CA2CEJ

+96@>A2?JE6>A@C2C:=J=@2?DD64FC:E:6DE@@E96C3C@<6C 562=6CD:?4@??64E:@?H:E9:ED3FD:?6DD+96@>A2?JC646:G6D42D9 2D 4@==2E6C2= 7@C E96 D64FC:E:6D =@2?65 !?4C62D6D :? D64FC:E:6D AC:46D >2J 42FD6 E96 >2C<6E G2=F6 @7 E96 D64FC:E:6D =@2?65 E@ 6I4665E962>@F?E@742D9C646:G652D4@==2E6C2=!?E966G6?EE964@F?E6CA2CEJE@E96D6EC2?D24E:@?D5@6D?@EC6EFC?E96=@2?65 D64FC:E:6D E96@>A2?J>2J366IA@D65E@E96C:D<@724BF:C:?8E96D64FC:E:6D2EAC6G2:=:?8>2C<6EAC:46D:?@C56CE@D2E:D7J:ED 4FDE@>6C@3=:82E:@?D+96@>A2?J4@?EC@=DE9:DC:D<3JC6BF:C:?84C65:E2AAC@G2=D7@C4@F?E6CA2CE:6D 3J>@?:E@C:?8E96>2C<6E G2=F6@7D64FC:E:6D=@2?65@?252:=J32D:D 2?53JC6BF:C:?8255:E:@?2=42D92D4@==2E6C2=H96??646DD2CJ

+96@>A2?JE6>A@C2C:=J3@CC@HDD64FC:E:6D7C@>@E96C3C@<6C 562=6CD:?4@??64E:@?H:E9:ED3FD:?6DD+96@>A2?J56A@D:ED 42D92D4@==2E6C2=7@CE96D64FC:E:6D3@CC@H6564C62D6D:?D64FC:E:6DAC:46D>2J42FD6E9672:CG2=F6@7E96D64FC:E:6D3@CC@H65 E@72==36=@HE962>@F?E@742D956A@D:E652D4@==2E6C2=!?E966G6?EE964@F?E6CA2CEJE@E96D6EC2?D24E:@?D5@6D?@EC6EFC?E96 42D9 56A@D:E65 E96@>A2?J>2J 366IA@D65E@E96 C:D< @7 D6==:?8E96 D64FC:E:6D2E AC6G2:=:?8>2C<6E AC:46D+96@>A2?J 4@?EC@=DE9:DC:D<3JC6BF:C:?84C65:E2AAC@G2=D7@C4@F?E6CA2CE:6D 3J>@?:E@C:?8E964@==2E6C2=G2=F6D@?252:=J32D:D 2?53J C6BF:C:?84@==2E6C2=E@36C6EFC?653JE964@F?E6CA2CE:6DH96??646DD2CJ

{14}------------------------------------------------

D@7"F?6

 ?@? 4FDE@>6C2?54FDE@>6C>2C8:?D64FC:E:6DH6C62G2:=23=6E@E96@>A2?JE@A=65862D4@==2E6C2=@? G2C:@FD3@CC@H:?8D@C 7@C@E96CAFCA@D6D+96@>A2?JA=65865->:==:@?@7E96D62G2:=23=6D64FC:E:6D2D4@==2E6C2= 7@C D64FC:E:6D=@2?65 A=65865->:==:@? 7@C32?<=@2?D 2?5A=65865->:==:@?E@>66E&>2C8:? C6BF:C6>6?ED@7- >:==:@?

+96 @>A2?J AC@G:56D 8F2C2?E66D E@ D64FC:E:6D 4=62C:?8 9@FD6D 2?5 6I492?86D ,?56C C6=2E65 28C66>6?ED E96 @>A2?J :D 86?6C2==J C6BF:C65 E@ 8F2C2?E66 E96 A6C7@C>2?46 @7 @E96C >6>36CD ,?56C E96 28C66>6?ED :7 2 >6>36C 364@>6D F?23=6 E@ D2E:D7J:ED@3=:82E:@?DE@E964=62C:?89@FD6 @E96C>6>36CDH@F=536C6BF:C65E@>66ED9@CE72==D+96@>A2?JPD=:23:=:EJF?56C E96D6 2CC2?86>6?ED :D ?@E BF2?E:7:23=6 2?5 4@F=5 6I4665 E96 42D9 2?5 D64FC:E:6D :E 92D A@DE65 2D 4@==2E6C2= @H6G6C E96 A@E6?E:2= 7@C E96 @>A2?J E@ 36 C6BF:C65 E@ >2<6 A2J>6?ED F?56C E96D6 28C66>6?ED :D C6>@E6 44@C5:?8=J ?@ 4@?E:?86?E =:23:=:EJ:D42CC:65@?E96\*E2E6>6?E@7:?2?4:2=@?5:E:@?7@CE96D6EC2?D24E:@?D

### **%'%#' &( &%**

\$2?286>6?E 92D 6G2=F2E65 DF3D6BF6?E 6G6?ED 27E6CE96 32=2?46 D966E 52E6E9C@F89F8FDE 

 E96 52E6E96D6 7:?2?4:2= DE2E6>6?EDH6C6:DDF65


Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.